Business News
Singapore aims to become Asian hub for liquified natural gas
Nov 2, 2010, 7:14 GMT
Singapore - Singapore announced on Tuesday that it would expand the capacity of its new terminal for liquefied natural gas (LNG) on the back of stronger-than expected demand.
A third storage tank would be added to the facility, currently under construction, Minister for Trade and Industry S Iswaran said.
The extra tank 'will increase the terminal's capacity to 6 million tons per annum,' from the originally planned 3.5 million tons, he told an energy conference.
Construction on the terminal on Singapore's Jurong island started in March, and was scheduled for completion in 2013, the minister said.
The expansion would enhance Singapore's energy security and offer new business opportunities, he said.
'Just as Singapore has achieved a competitive advantage as one of the world's leading commodity hubs and Asia's top oil trading centre, we similarly aim to establish ourselves as a centre for LNG trading in Asia,' Iswaran said.
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